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TRUST DEPARTMENT SERVICES

Merchants & Farmers Bank of Dumas has offered trust services since 1977, and we now offer you an experienced team of professionals who can handle your wealth management needs. Primary examples of our services would include:

Trust Accounts
Estate Administration
Guardianships
Agency Accounts
Self Directed IRSs
Qualified Retirement Plans
Real Estate Management



Trust Accounts

There are many types of trusts which can be designed to fit your needs.  Generally speaking, trusts fall into two main categories:

  • Living Trusts – Also called inter vivos trusts, a living trust is created during the lifetime of the settlor rather than at the time of the settlor’s death.  This type of trust allows the bank to serve you in many different ways and for different purposes.  Examples would include:
    1. The bank can manage the trust assets for the settlor’s benefit during his or her lifetime.  This can be particularly helpful should the settlor become incapacitated.
    2. The bank can also manage the trust assets for other beneficiaries selected by the settlor.  This could include family members with special needs, favorite charities, etc.
    3. If fully funded with the settlor’s assets, a living trust can be used to dispose of the settlor’s property at the time of his or her death, thus avoiding probate.
    4. A living trust can continue after the settlor’s death, allowing the bank to continue its management for the benefit of subsequent beneficiaries.
  • Testamentary Trusts – A testamentary trust is created by the settlor’s last will and testament.  These trusts allow the bank to serve you in many different ways and for different purposes.  Examples would include:
    1. It can be amended or revoked at any time prior to the settlor’s death.
    2. It becomes irrevocable after the settlor’s death.
    3. It can provide an ongoing way for the bank to manage financial assets or farmland for the benefit of the settlor’s heirs.
    4. It can terminate based as specified by the settlor.

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Estate Administration


Many families find it helpful for the bank to serve as the personal representative of a loved one’s estate.  The complexities of probate and estate settlement can seem overwhelming, especially after the death of a family member, and the trust departments trained staff can handle the duties responsibly, keeping the heirs fully advised of each step taken.  Here are some things to remember:

  • The testator, the legal term for the person making the will, must specify his or her personal representative in the will.  Therefore, you should discuss with your attorney whether to name the bank to serve as your executor.
  • If appointed, the bank will handle the filing of the will with the probate court.
  • If appointed, the bank will help the deceased’s family with identifying and protecting the estate’s property.  The bank will prepare the estate inventory as required by the probate court.
  • If appointed, the bank will pay the expenses of the estate, including the deceased’s unpaid debts, the costs of administering the estate and any taxes which may be due.
  • The bank will distribute the estate property to the heirs as directed by the will.

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Guardianships

Through a guardianship, the bank’s trust department can provide services for a person deemed fully or partially incapable of providing these necessities for himself or herself.  If appointed to serve in this role, the bank’s basic duties would include:

  • Meet with the ward’s guardian of the person to obtain family and financial information
  • Arrange for the ward to be examined by a physician
  • Receive and organize the ward’s legal documents
  • Collect and take possession of the ward’s assets
  • Open bank accounts for the ward and invest his or her assets as allowed by statute
  • File periodic inventories and appraisements as required by statute
  • Prepare estimates of the ward’s living expenses and disburse accordingly
  • File the ward’s income tax returns

Close the account upon the death of the ward

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Agency Accounts

One of the most popular and flexible ways for the bank trust department to serve you is through creation of a personal agency account.  By signing a simple contractual document which can be terminated at any time, you can authorize the bank to hold, manage, invest and distribute assets as you direct.  Details include:

  • With your written instructions, the bank can buy or sell any legitimate stock, bond, mutual fund or certificate of deposit for your behalf
  • The agency account can be used to pay your bills, a service which can be convenient while travelling or during illness
  • The agency can collect rental from your investment properties
  • The agency can provide year end reports which assist you and your tax preparer

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Self Directed IRAs

Self-directed Individual Retirement Accounts (IRAs) are a very popular means to save for retirement.  Using the bank’s trust department as your trustee for these accounts allows you to invest in any stock, bond, mutual fund, certificate of deposit, or other qualified investment at minimal cost.  We can help you with any of the types of IRAs which are available:

  • Traditional IRA
  • Roth IRA
  • SEP IRA
  • Simple IRA
  • Inherited IRA
  • Coverdell ESA

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Qualified Retirement Plans

Our trust department can serve local employers who wish to establish retirement plans to benefit their employees.  These plans can be quite complex and require a third party trustee for management.  Our bank’s trust department has handled accounts in this category for over 30 years, and we are prepared to serve your needs.  Types of accounts which are available include:

  • 401(K)
  • Profit Sharing
  • Money Purchase

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Real Estate Management

There are primarily two categories of real estate management offered by our trust department.  We follow your instructions in handling these accounts, and provide you with an efficient, convenient way to handle these investment properties. 

  • Farmland Management
    1. Secure a tenant
    2. Obtain a lease agreement
    3. Market your crops
    4. Devise a comprehensive farm plan
    5. Keep detailed records
  • Rental Property Management
    1. Secure a lessee
    2. Obtain a lease agreement
    3. Collect rentals
    4. Supervise property maintenance

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For information about these or other services contact
Trust Officer, Glenda Owen by email or at 870-382-6074.


NOTE: Non-deposit investment products are not FDIC-insured, are not guaranteed by the bank and may go down in value.

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Merchants & Farmers Bank of Dumas

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Main Office
500 Hwy 65 South
PO Box 187
Dumas, AR 71639
tel (870) 382-4311
fax (870) 382-5901
Trust Dept. (870) 382-6074
Bookkeeping Dept. (870) 382-6071
E-mail: mfbdumas@mfbanknet.com
Bryant Loan Production Office
4500 Hwy 5 North / Suite 6
Bryant, AR 72022
tel (501) 847-4141
fax (501) 847-1208
E-mail: BryantOffice@mfbanknet.com
NOTICE: The bank is not responsible for and has no control over the subject matter, content, information or graphics of the web sites that have links here. Please contact us with any concerns or comments.

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